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    2425 Airline Blvd Portsmouth, VA 23701
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    Property profile & analytics

    2425 Airline Blvd, Portsmouth, VA 23701

    View on Map
    • Hospitals
    • 14,550 SF
    • 0.78 lot acres
    Off-Market
    Last Sale Jul 20, 2023
    Property ID
    US87-3781588
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $2,285,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hospitals

    Property Details for 2425 Airline Blvd

    Year built
    2007
    Construction
    BRICK
    Lot size
    0.78 lot acres
    Zone code
    GMU
    Property type
    Hospitals
    APN
    0342-0110
    APU
    3420110

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 20, 2023 — Seattle Legacy LLC Legacy Steam Investments LP Deed —
    Jan 21, 2015 $6,280,000 Legacy Steam Investments LP Burton & Evelyn LLC Grant Deed —
    Dec 20, 2007 $5,065,000 Burton & Evelyn LLC Airline Retail Investors LLC Grant Deed $2.7M · Virginia Commerce Bank
    Oct 15, 2004 $1,788,500 Airline Retail Investors LLC S W Restaurant Props LLC Grant Deed · related $3.8M · First Charter Bank
    Sep 7, 2004 $635,000 Sw Restaurant Properties Exxon Mobil Corp Warranty Deed · related $413k · Bank Of America

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,462,000
      Market price range: $928k - $2.46M
      AI Estimate
      $2,414,000
      Market price range: $676k - $2.41M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,780,000
      Current use
      OFFICE BUILDING
      $2,005,000
      Change: +13% Conversion: Easy
      RETAIL STORES
      $1,745,000
      Change: -2% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth City
    State
    Virginia
    Longitude
    -76.3547
    Latitude
    36.8163
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $71,294
    $798,390
    $4,452,300
    $5,250,690
    -
    $798,390
    $4,452,300
    $5,250,690

    Comparable in this City

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      3921 Kingman Ave

      MEDICAL BUILDING
      3921 Kingman Ave, Portsmouth, VA 23701-2929
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    • Value Estimation
      $1,205,000
      7,493 SF

      6224 Portsmouth Blvd

      MEDICAL BUILDING
      6224 Portsmouth Blvd, Portsmouth, VA 23701-1351
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    • Value Estimation by Request
      1,332 SF

      3349 Portsmouth Blvd

      MEDICAL BUILDING
      3349 Portsmouth Blvd, Portsmouth, VA 23701-3023
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    • Value Estimation
      $750,000
      44,766 SF

      4201 Greenwood Dr

      HOMES (RETIRED, NURSING)
      4201 Greenwood Dr, Portsmouth, VA 23701-3250
      View Details
    • Value Estimation
      $1,660,000
      10,458 SF

      4070 Victory Blvd

      MEDICAL BUILDING
      4070 Victory Blvd, Portsmouth, VA 23701-2820
      View Details

    Similar Nearby for Sale

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      8,583 SF

      Assisted Living Facility For Sale

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    • $60,000
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      Land For Sale, Portsmouth, VA

      Land available in Portsmouth, sold as is.
      21 Radford St, Portsmouth, VA 23701
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      Land with Frontage on Victory

      Land available for rent with existing building and road access.
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    • $555,000

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      Well-located office/warehouse with flexible zoning and modern construction.
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      Corner Lot Ideal for Retail

      Corner lot suitable for retail development.
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      Restaurant Building and Business For Sale

      Established restaurant business and well-maintained building for sale.
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Portsmouth Hub

      Retail space for lease in Portsmouth's vibrant retail hub.
      4020 Victory Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      10,322 SF

      Prime Land I-264 Access

      Land with easy access, ready for retail development.
      5060 Greenwood Dr, Portsmouth, VA 23701
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    • Contact for pricing
      600 SF

      Retail Space in Elmhurst Square

      Newly renovated retail space in a bustling Portsmouth shopping center.
      5630 Portsmouth Blvd, Portsmouth, VA 23701
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    • Contact for pricing

      Retail Space Near I-264

      Retail space for lease with easy highway access and parking.
      3537-3539 Airline Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      11,600 SF

      Retail Space in Portsmouth Corridor

      Retail space in Portsmouth's dominant retail corridor, easy access.
      2570 Airline Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      1,626 SF

      Retail Space Available For Lease

      Retail space available for lease in Portsmouth, Virginia.
      2850 Airline Blvd, Portsmouth, VA 23701
      View Details
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    Portsmouth, VA 23701
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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